I hope Brokers will inform the clients a) Credit Union mortgages are not Portable out of Ontario. So pay the Penalty.b) CU mortgages are closed mortgages . Can be paid off only if property is sold - Arm's length.c) some CU won't allow property be rented out during the Term . So job change -out of province - can't port , can't rent. sell and pay penalty.

In response to Joe Wyman:a) Credit Unions can only lend in the Province in which they have a bond. If the CU is in on Ontario, then they can only lend within Ontario etc. so no you cannot port out of province.b) Credit Union mortgages are NOT closed mortgages. They can be paid off in the same way as the banks or monolines.c) Credit Unions most definitely allow property to be rented our during the terms, same as banks and monolines.

So no you can't port out of province, but you CAN rent and you DON'T have to sell.

I just wanted to clarify as I have been working for Credit Unions for 15 years in Management and I didn't want any misinformation out there.